After a summer-long decline, the price of a gallon of diesel has ticked upward for the second time since Labor Day, suggesting fuel costs may have bottomed out.
The average U.S. retail pump price for diesel was up 1.6 cents in the Oct. 5 report by the Energy Information Administration (EIA), to $2.492 per gallon. It’s about $1.24 per gallon cheaper than this time last year.
Geographically, while several regions posted price gains, others saw slight declines. With the exception of the Midwest, where the cost was up 5.5 cents to $2.489, all of the changes were small—less than two cents either way.
On the Gulf Coast diesel broke even at $2.323, the lowest price for a gallon in the nation.
On the West Coast, not including California, diesel was up 1.9 cents to $2.56. In California, which has the highest price in the contiguous 48 states at $2.803 per gallon, the price slipped 1.2 cents.